June 19, 2013

Financial Services Committee Ranking Member Maxine Waters, D-Calif., has asked the Special Inspector General for the Troubled Asset Relief Program to look into claims that Bank of America instructed its employees to mislead consumers who were eligible for assistance under the Home Affordable Modification Program. Documents recently filed in litigation asserted that Bank of America directed employees to mislead consumers and obstruct their modification efforts in order to maximize the bank's fees. According to Waters, Bank of America has received more than $992 million in incentive payments under HAMP.

Waters also asked the Office of the Comptroller of the Currency and the Federal Reserve Board to investigate whether the claims affect the foreclosure review settlement the agencies reached with Bank of America and other institutions in January 2013.